Law of supply predicts that an increase in market price

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Reference no: EM13897119

Suppose farmers can use their land to grown either wheat or corn. The law of supply predicts that an increase in the market price of wheat will cause:

?Farmers to lower the production of corn and wheat.

?Farmers to raise the production of corn and wheat.

?Farmers to substitute wheat for the production of corn.

?Farmers to substitute corn for the production of wheat.

Reference no: EM13897119

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